Nation’s oil refiners cut product prices

By Kevin Chen / Staff reporter

The nation’s two oil refiners yesterday said they would lower gasoline and diesel prices by NT$0.6 per liter this week, the first cut in prices after two consecutive weeks of increases, after global oil prices declined last week. The adjustments are to take effect today.

CPC Corp, Taiwan (CPC, 台灣中油) said in a statement that oil market sentiment turned sour last week on news of rising US oil inventories and increased production from non-OPEC countries.

The company’s average oil costs decreased by 2.42 percent last week.

The company’s weighted oil price formula showed prices dropped US$3.54 per barrel to US$103.01 over the week, CPC said in the statement.

Formosa Petrochemical Corp (台塑石化), which decided to match CPC’s price cuts, said in a statement that global crude oil prices fell last week after both the International Energy Agency and OPEC cut their forecasts for global oil demand this year.